
It’s been awhile.
Applications for unemployment benefits shot to their highest level in two months. Still, they remain low when considered in a historical context.
Jobless claim applications climbed to 242,000 for the week of Dec. 7, according to statistics released by the Labor Department Thursday. That’s an increase of 17,0000 over the previous week and is significantly more than the 220,000 analysts were forecasting.
This week’s report also showed that continuing claims, the total number of Americans collecting jobless benefits, rose by 15,000 to 1.89 million for the week of Nov. 30, The Associated Press reported.
The four-week average of weekly claims, which softens some of the week-to-week volatility, rose by nearly 6,000 to 224,250.
The Federal Reserve instituted a string of rate increases in 2022 and into 2023 to try to suppress the four-decade high inflation that took hold when the U.S. economy rebounded from the brief but sharp pandemic recession.
The Fed has cut those rates at its last two meetings in response to receding inflation, which has fallen close to the U.S. central bank’s 2% target from highs above 9%. The Fed is expected by most to issue another rate cut at its final 2024 meeting next week.
Last week, the government reported that U.S. job openings rebounded to 7.7 million in October from a 3 1/2 year low of 7.4 million in September, a sign that businesses are still seeking workers even though hiring has cooled, the AP reported.